ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG) recently announced that its board of directors has approved a quarterly cash dividend of 26 cents per share. The banking company will pay the dividend on April 2 to common stock shareholders of record as of the close of business on March 19, according to a Chemung Financial […]
ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG) recently announced that its board of directors has approved a quarterly cash dividend of 26 cents per share.
The banking company will pay the dividend on April 2 to common stock shareholders of record as of the close of business on March 19, according to a Chemung Financial news release.
At its current stock price, the dividend yields about 2.3 percent on an annual basis.
Chemung Financial is a $1.7 billion financial-services holding company, headquartered in Elmira, which operates 34 branches through its main subsidiary, Chemung Canal Trust Company. Started in 1833, Chemung Canal Trust says it is the oldest locally owned and managed community bank in New York state.
Chemung Canal Trust ranks eighth in deposit market share in the 16-county Central New York area, according to the latest FDIC data. It has 20 branches, with more than $968 million in deposits, in the region.
Chemung Financial is also the parent of CFS Group, Inc., a financial-services subsidiary offering mutual funds, annuities, brokerage services, tax preparation services, and insurance. It also has an insurance company subsidiary called Chemung Risk Management, Inc., which is based in Nevada.
Chemung Financial reported net income of $10.4 million, or $2.16 per share, for the full year of 2017, up from $10 million, or $2.11 a share, in 2016.
